PostFinance Ltd Is The Financial Services Arm Of Swiss Post, Founded In 1906. As Of 2023, It Is The Fifth Largest Retail Financial Institution Group In Switzerland. Its Main Areas Of Activity Are Domestic And Global Payments, With Smaller But Growing Areas Of Savings, Pensions And Real Estate.
PostFinance Is Wholly Owned By The Swiss Government.
History
In 2013, The Swiss Financial Marekt Supervisory Authority (FINMA) Granted PostFinance A Banking License. In 2015, PostFinance Was Declared A Swiss "Systemically Important Financial Institution Group" By The Swiss National Bank, Which Means That The Bank Must Comply With Special Regulations Regarding Liquidity And Equity. In 2016, PostFinance Began Imposing A 1% Annual Fee On Deposits Over 1 Million Francs
In 2020, PostFinance's Profits Fell To CHF 131 Million (CHF 246 Million In 2019 And CHF 229 Million In 2018, And Customers Dropped To CHF 2.69 Million From CHF 2.74 Million In 2019. Cut 129 Jobs To Accommodate Falling Revenues (also Cut 500 In 2018).
In Early 2021, The Swiss Government Is Considering Privatizing The Bank To Enable It To Behave Like A Regular Private Financial Institution Group (including Granting Mortgages). However, This Process Would Mean Changing The Postal Code And Having The Government Support The Bank's Capital During The Transition Phase. In February 2022, Russian Oligarch And Swiss Resident Viktor Vekselberg Won A Lawsuit Against PostFinance After The Bank Closed His Account In 2018 After The US Authorities Imposed Sanctions On Him.
In April 2023, PostFinance Announced That It Would Provide Its Clients With Access To Cryptocurrencies - Bitcoin And Ethereum. The Project Is Being Implemented In Cooperation With Sygnum Crypto Bank. The Decision Was Made In The Context Of A Large Inflow Of Client Funds Into Cryptocurrencies.
